IoT will cause 'asteroid strike' for retailers - Sebastian James

The rise of the IoT (Internet of Things) is set to kill off some retailers, according to Sebastian James.

The CEO of Dixons Carphone spoke at last week's Retail Week Live conference in London, where he said that connected devices and savvy customers will cause an ‘asteroid strike’ for some retailers.

During the event, James explained how most homes have around 12 connected devices, which is set to rise to 70 in the next two or three years.

According to ertonline, James said: "We’re now coming into the era of the connected customer – connected through multiple devices, on the go, always.

“This new shift – just 15 years after the last [the internet] – is going to bump off as many retailers as the last one. This is a total asteroid strike at the heart of everything that we thought we knew.”

James also told attendees that retailers’ need to adapt to change, revealing that Dixons Carphone has already altered and improved its business to meet its customer’s needs.

“Those who fail to adapt have been left stone dead by the wayside. To adapt, we’ve had to change – and still have to change – absolutely everything that we do.

"The problem facing us all is the same – we retailers must price like pure players, but we have shops and we have a different cost structure. How can we do this and make more money?

"The empowered customer is always on – they will check prices in-store with mobile devices – they will make four or five visits to your website and one or two to a store, before making a big purchase decision,” James added.